Soon we’ll have additional and more detailed information available on the new account option from Banca March, however in the mean time, if you would rather have and account with Banca March, send us the following:

1) Copy of your Admissions Letter to an IE program.
2) Copy of the passport page where your photo and signature appear, if the photo and signature appear on separate pages, we’ll need copies of both pages.
3) The completed application form which you can download here.

How Do the Caja Madrid and Banca March Options Compare?

• Customer Service: both offer service in English and Spanish, both institutions are part of national ATM networks (Caja Madrid is a member of ServiRed and Banca March of 4B), both have online access and both allow for sending funds to yourself before you arrive to Madrid.  ServiRed is anchored by BBVA and 4B by Banco Santander, and both have expansive national networks.  IE Financial Aid can open an account at either bank for you ahead of your arrival to Madrid.
• Account Fees: very similar, competitive with market.
• Services: Both offer full services for IE students, including facilitation of Avals (bank guarantees sometime required by landlords).

For more information, contact IE Financial Aid at financialaid@ie.edu.

If you are an IE student from one of the following countries/territories, please read this message in detail as its content is important from the perspective of sending funds to Spain before your arrival and once you are settled in Madrid.   Countries/territories:

Afganistan, Iraq, Iran, Belarus, Myanmar, Ivory Coast, Congo, Liberia, North Korea, Sudan, Syria, Lebanon, Zimbabwe, Uzbekistan and Northern Territories of Cyprus.

Funds Will Not Be Accepted: Spanish Confederation of Credit Unions, Spanish Treasury and FATF

Given the recent sanctions imposed by the EU on the selected countries listed above, and given advisories issued by the Spanish Treasury and the Financial Action Task Force (FATF), the Spanish Confederation of Credit Unions (CECA) has decided to suspend indeffinitely all new funds transfers coming from these cited countries/territories.  The primary concern and driving force behind the move has been to limit money laundering activities via Spanish credit unions.  While the ruling is intended to support EU-wide policy, the change in policy does effect IE students coming to study in Madrid in 2010, and those IE students currently studying at IE.

Practical Implications for IE Students

If you are from one of the 15 listed countries/territories, this ruling will mean that you cannot send funds to your Caja Madrid account directly from any financial institution located in the cited countries/territories.  This means that if you need to send funds to yourself for living expenses, then you will need to find an alternate solution.  Since IE is not a credit union, we can receive funds directly to cover your tuition fees, but Caja Madrid will reject any transfers when the local institution tries to send funds to Madrid.

Short Term Solution: Third Country Transfers

For an immediate solution, the recommended course of action is to send funds to your Caja Madrid account via an account located in a third country or from another account already established in Spain at a non-credit union financial institution.  If this is not an option for you, then you are encouraged to contact the Financial Aid Officer directly to discuss alternate solutions at financialaid@ie.edu.

Para solicitar un AVAL BANCARIO, necesita lo siguiente:

In order to apply for a “BANK GUARANTEE” you will need the following:

• Su número de NIE.
• Your NIE number. 
• Nombre, apellidos y DNI del propietario.
• The name, surname and ID of your Landlord.
• Dirección del apartamento que va a alquilar.
• The address of the flat you will be renting.
• Borrador del “AVAL BANCARIO”, si el propietario solicita un modelo específico.
• A draft of a “BANK GUARANTEE “, if your Landlord requires a specific one.
• Se le retendrá 75% de la cantidad del AVAL en una cuota depósito.
• We will hold 75% of the amount of the BANK GUARANTEE in a deposit account.

 Comisiones:

Charges:

• Comisión de apertura: 0,50%, mínimo 60€
• Opening fee: 0.50% minimum €60.
• Comisión de estudio: 0,50%, mínimo 60€
• Studying fee: 0.5% minimum €60.
• Avales de menos de un año: 1%, mínimo 45€ (trimestralmente)
• Less than one year BANK GUARANTEE: 1% of the amount of the BANK GUARANTEE (every quarter), minimum €45.
• Avales de mas de un año: 1,50%, mínimo 45€ (trimestralmente)
• More than a year BANK GUARANTEE: 1.50% of the amount of the BANK GUARANTEE (every quarter), minimum €45.

 Datos válidos desde el 31/08/2009. Sujetos a posibles cambios.

This information is valid from 31/08/2009 and is subject to changes.

If you are coming to Madrid and want to bring funds with you, keep this in mind:

Bringing funds via Travellers Cheques is expensive (3€ for every cheque you deposit), and monies deposited into a bank account via Travellers Cheques are helled for 20 business days.

Example:

Student arrives to Madrid and brings US$5,000 in funds via travellers cheques which have an individual denomination of US$100.  In addition to having the funds held for 4 weeks (20 business days), this student would need to pay 3€ x 50 cheques = 150€ (or about US$215) in fees.  Not ideal.

Travellers cheques and cheques in general are not the norm in Spain, so you are encouraged to send money to an account that Financial Aid can open for you ahead of your arrival (see: opening an account), or to simply use your home banking institution’s debit card to withdraw funds from your account upon arrival.  Please keep in mind that ATM fees do apply, both here in Spain, and from your local bank.

What Do I Do If I Already Bought Travellers Cheques?

The fastest way to cash Travellers Cheques is to do so at Barajas International Airport upon arrival.  Please keep in mind that fees will apply, and are set by local AMEX Office.

Just to clarify: cosigners on bank accounts and/or loans can only be Spanish fiscal residents. That is to say: people who are registered with the Spanish tax authorities, and who are working and living in Spain full-time.  This is a legal requirement, and is non-negotiable.

This month IE is launching a new loan agreement with Spanish bank Banca March (www.bancamarch.es - web available in English, Spanish and German), and below you’ll see the key details of what’s available.  This is a new option for students coming to study at IE full time, or for Spanish fiscal residents completing part-time or executive-level master programs on campus in Madrid.

Basic Terms

1. Up to 10 years to pay back the loan.
2. Market leading rate: Euribor+2%
3. Grace period of up to 24 months for full-time students
4. Insurance in case of serious or fatal injury
5. Access to full banking services with Banca March while in Spain and for the life of the loan
6. Full processing support from IE Financial Aid

Shortly interested candidates will be able to apply for these loans by consulting www.ie.edu/bancamarch (estimated launch date for this web page is 30 September, 2009), and then working directly with IE Financial Aid to process all the required documentation.

Caja Madrid Prepaid Debit Card

- €12 annual fee
- Key features and benefits:

• Limit your payments and avoid fraudulent use of your card.
• Buy online or in any shop that accepts “Visa electron” with a prepaid limit that you will have already transferred to the card.
• Withdraw money from any Caja Madrid ATM/Cash Point with a prepaid limit that you will have already transferred to the card.
• Add prepaid credit on to your mobile phone.
• You can add credit to your card at any ATM/Cash Point and Caja Madrid offices by cash or debit transfers to your account.
• In case of theft or loss of your card, you can retransfer the outstanding balance of your card back to your current account.

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Tarjeta Prepago Caja Madrid

- 12€ cuota anual
- Características y beneficios :

• Limitar pagos y evitar fraudes con su tarjeta
• Comprar online o en cualquier comercio que acepten Visa electrón con el límite del saldo precargado.
• Disponer de efectivo en cualquier Cajero Automático con el límite del saldo precargado.
  o recargar el teléfono móvil.
• La tarjeta se puede recargar en Cajeros Automáticos y Oficinas de Caja Madrid en dinero en efectivo o contra su cuenta.
• En caso de robo o pérdida de su tarjeta, puede descargar el saldo de la tarjeta a su cuenta.

To receive your correspondence (monthly statements, transaction receipt, etc) online:

1.  Follow steps 1 to 5 to login.
2. Click “13 CORRESPONDENCE” on the left.
3. Click  “aquí”
4. Click “alta servicio” on the left.
5. In the “Nº Tarjeta”  field, enter you debit card number (16 digits)
6. In the “DNI” field, enter you passport/NIE or ID number (without letters)
7. In the “Clave” field, enter your debit card PIN.
8. Click  ”>Aceptar”
9. Click  ”>Imprimir” or “>Guardar” at the bottom of the page
10. Click  ”>Aceptar” at the bottom of the same page
11. Uncheck the box if you do not wish to receive information about new Caja Madrid products.
12. Click  ”>Aceptar”
13. On the next screen click  ”>Aceptar”
14. Click “>Mi buzón” in the left to see your correspondence.

Para recibir correspondencia por Internet:

1. Siga los pasos del 1 al 5 para entrar.
2. Haga clic en “13 CORRESPONDENCIA” en la parte izquierda
3. Haga clic en palabra “aquí”
4. Haga clic en “alta servicio” en la parte izquierda.
5. En “Nº Tarjeta” teclee el número de su tarjeta de débito (16 dígitos)
6. En “DNI”: teclee su número de pasaporte/NIE o DNI (sin letras)
7. En “Clave” teclee su número PIN de su tarjeta de débito.
8. Haga clic en “>Aceptar”
9. Al final de la página haga clic en “>Imprimir” o “>Guardar”
10. Al final de la misma página haga clic en “>Aceptar”
11. Quite el visé si no quiere recibir información sobre nuevos productos de Caja Madrid.
12. Haga clic en “>Aceptar”
13. En la siguiente pantalla haga clic en “>Aceptar”
14. Haga clic en “>Mi buzón” en la parte derecha para ver su correspondencia.

Through any device with internet access (WAP, Imode, PDA, Smartphone, BlackBerry), you can access Caja Madrid’s Oficina Móvil. This new service will give you direct access to Caja Madrid’s operations service.  This is an especially valuable service if you are out and lose your card(s) and need to cancel them quickly.

How do I access the service?

Key in your Passport, NIE or National Identity Card (DNI) number and your password at this site: https://wap.cajamadrid.es/OFMOVIL/FrontController, like you access to Oficina Internet from your PC.

Navigation Paths

Movistar: Portal e-moción> Banca/ bolsa> Cajas> Caja Madrid
Vodafone:Vodafone live! (Portal Vodafone) >Internet > Más bancos > Caja Madrid
Orange: Portal Orange>Orange World>Pagos y Bancos>Cajas >Caja Madrid

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A través de un dispositivo con acceso a Internet (WAP, Imode, PDA, Smartphone, BlackBerry), puedes acceder a la Oficina Móvil. Con este nuevo servicio tendrás acceso directo a la operativa Caja Madrid.  Es un servicio muy útil para cancelar tus tarjetas si las pierdes fuera de las horas de oficina…

¿Cómo puedes acceder al servicio?

Únicamente tendrás que introducir tu número de pasaporte/NIE o DNI y clave de acceso  en la siguiente dirección: https://wap.cajamadrid.es/OFMOVIL/FrontController, de la misma manera que actualmente accedes a  Oficina Internet desde tu ordenador.

Como llegar…

Movistar: Portal e-moción> Banca/ bolsa> Cajas> Caja Madrid
Vodafone:Vodafone live! (Portal Vodafone) >Internet > Más bancos > Caja Madrid
Orange: Portal Orange>Orange World>Pagos y Bancos>Cajas >Caja Madrid

Please take the following into consideration if you are going to be requesting that we open a bank account for you ahead of your arrival, so that you can take care of living, tuition and other expenses:

1. If you have a Spanish passport (dual-nationality) then you will also need to provide either a copy of your DNI/NIE card or a letter from your local Spanish Embassy specifying that you live and work outside of Spain, and therefore do not pay taxes in Spain.
2. As an alternative, use your other passport as proof that you are a national of another country where you are presumably a tax paying national.

In either case, for Financial Aid to open your Caja Madrid bank account ahead of arrival to Madrid, we need you to send a copy of the photo page of your passport and a copy of your admissions letter.

Non-Spanish nationals who have 1 or more nationalities which are not Spanish do not need to worry about this post, as any of your passports will suffice.

The special restriction for students with Spanish dual-nationality is due to taxation laws in Spain.